Mr. Kongkiat Kanjanapan, Assistant Executive President and Acting Senior Executive Vice President of Finance and Accounting at BCPG Public Company Limited (SET: BCPG), stated that in 3Q25, the company group’s total electricity generation rose to 2,010.9 GWh, compared to 1,987.5 GWh in the same period last year.
The main reason was the commercial operation (COD) of the Monsoon Wind Power Plant project, with a total installed capacity of 600 MW. The project started COD progressively since July 2025, with BCPG holding a 48.25% stake, which accounts for 290 MW of proportional capacity. Furthermore, electricity generation from hydropower plants in Laos increased due to higher water volume.
Compared to 2Q25, the group’s electricity generation increased, mainly because the hydropower plants in Laos entered their seasonal period, and output from the natural gas power plant in the U.S. rose, following stronger summer electricity demand.
For electricity generation breakdown, Thailand’s solar power plants saw a decrease in 3Q25 year-on-year and quarter-to-quarter, both due to lower solar irradiance, while wind power generation increased compared to previous year and quarter due to higher wind speed. Notably, the quarter-on-quarter increase in wind speed was linked to heavier rainfall compared to the previous quarter.
For Laos projects and the share of profits from the subsidiaries, 3Q25 saw an increase in electricity generation from hydropower plants year-on-year due to entering the rainy season and higher water volumes than last year. Compared to 2Q25, generation also rose as plants entered their usual seasonal period.
Additionally, in 3Q25, the Monsoon Wind Power Plant began commercial operations in zones 1 and 2 on July 17, 2025 (276 MW), and in zones 3 and 4 on August 22, 2025 (324 MW), leading to increased output in Laos. Compared to 2Q25, hydropower output rose due to higher dam water levels, and wind power increased following the full COD of the Monsoon project.
Meanwhile, the share of profit from the subsidiaries in the U.S. in 3Q25 showed a slight drop in natural gas power generation—proportional to shareholding—versus the same period last year, mainly due to an 8-day shutdown for maintenance at SFE (South Field Energy). However, compared to 2Q25, output increased, as it was the U.S. summer peak.
Additionally, in the oil storage and terminal business, 3Q25 saw oil tank utilization and pipeline usage of 716.5 and 323.3 million liters, respectively, both up year-on-year, owing to some contract adjustments and increased customer oil transfer services. Compared to 2Q25, pipeline usage slipped slightly as customer oil transfer activity eased.
Analysts at Globlex Securities expect BCPG’s 3Q25 normalized profit at THB 700 million, up 4.1 times from the previous quarter, boosted by the share of profits from the U.S. power plant (THB 700 million), as well as profits from hydropower and wind power in Laos (THB 300 million), and solar power (THB 50 million). The recommendation remains “BUY” with a target price of THB 12 per share.
Asia Plus Securities stated that the company’s results have likely passed this year’s lowest point, and 3Q25 is expected to mark the peak for 2025, with overall annual normalized profit projected to continue growing well.
